The global beverage packaging market size is projected to reach USD 217.54 billion by 2032, driven by the increasing adoption of inexpensive and lightweight packaging materials in the food and beverage industry. Beverage packaging is used for a variety of products, including water, beer, soft drinks, spirits, coffee, wine, sports drinks, energy drinks, dairy products, juice, hard drinks, and more. Depending on consumer needs, these products can be packaged in various shapes and sizes. The materials used for beverage packaging include plastics, metal, and glass.
According to Fortune Business Insights™, the market was valued at USD 123.39 billion in 2018 and is expected to grow at a CAGR of 4.70% between 2024 and 2032. Their recently published report provides an in-depth analysis of the market and its significant growth trajectories.
List of Players operating in the Beverage Packaging Market include:
Berry Global Group, Inc.
Ball Corporation
Toyo Seikan
Sonoco Products Company
Mondi Group
Bemis
Ardagh Group
Amcor
Berlin Packaging
WestPack
Tetra Laval
Saint Gobain
Crown Holdings
Novio Packaging Group
Amcor
Others
Increasing Demand for Carbonated Drinks to Propel Market Growth
Rapid modernization, urbanization, and the rising popularity of on-the-go food and drinks have significantly driven the growth of the beverage packaging market. The ban on plastic usage and the current trend toward biodegradable packaging products have increased the demand for alternative packaging materials such as metal cans and glass bottles, further boosting the market. Additionally, the increasing taxes imposed on sugary drinks have shifted consumer preferences towards carbonated beverages, ultimately driving the demand for beverage packaging.
However, the high costs associated with materials like glass and metals used for beverage packaging may pose challenges to market growth. Nevertheless, the use of recyclable aluminum cans for liquid packaging is expected to create lucrative growth opportunities in the long run.
Asia Pacific to Dominate the Market, Followed by North America
Geographically, Asia Pacific holds the dominant share in the beverage packaging market due to rapid urbanization and the increasing demand for packaged beverage products. Emerging economies such as India, Malaysia, Taiwan, Indonesia, Thailand, and China provide substantial support for market growth. Additionally, the ban on plastic in countries like Japan, India, China, and South Korea has propelled the demand for alternative packaging materials such as non-degradable bags and glass bottles. Despite the plastic ban, Asia Pacific is expected to continue its market dominance in the coming years.
North America holds the second-largest market share, driven by the increasing consumption of bottled water, dairy products, energy drinks, juices, spirits, and wine. The region also benefits from a large number of production units for beverage packaging materials. Europe and other regions are also expected to witness significant growth in the beverage packaging market in the coming years.
Information Source
https://www.fortunebusinessinsights.com/beverage-packaging-market-102112
Expansion of Geographical Presence to Boost Revenue
Major manufacturers in the beverage packaging market are increasingly engaging in collaborations, mergers and acquisitions, and joint ventures to expand their product portfolios across various geographies. Given the highly fragmented nature of the market, with many players vying for market share, these collaborative efforts will enable companies to compete more effectively and attract substantial revenue in the coming years. Additionally, companies are investing in the development and production of new technologies to gain a competitive edge in both international and domestic markets.